Aid for Aid – IRS helps with Financial Aid Application Process
The IRS now has a system to aid with the Free Application for Federal Student AID (FAFSA)! Using a Data Retrieval Tool, college-bound students will be able to transfer information from their tax returns directly to the FAFSA application form. This tool is free, easy, and secure. Hopefully, in the near future, it will dramatically reduce errors as well as the need for schools to request information verification.
Who can use it?
This tool is available for use on the 2012-2013 FAFSA form. In order to be eligible, students must have filed their most current tax return. A Federal Student Aid PIN will be required to operate the tool. This can be obtained through the FAFSA website here. Students that have changed their marital status since December 31, 2011, have amended their 2011 return, filed married filing separate for 2011, or filed a 2011 Puerto Rican or other foreign tax return are not eligible to use the tool at this time.
What if I’m not eligible?
Students that are not eligible to use the Retrieval Tool may need to obtain an official transcript from the IRS. These transcripts are not available until the IRS has processed the applicant’s tax return. Transcripts can be ordered via IRS.gov by selecting “Order a Transcript”, just clicking here or by calling the Transcript line at 1-800-908-9946.
Don’t Forget!
Be sure to contact your CPA for tips regarding deductions and tax credits available for college students.
© 2012 Michele M. Hoover, CPA. Alexander & Hoover, P.A., Certified Public Accountants, specializes in providing a wide range of diversified accounting, tax, finance, and consulting services to individuals and businesses. To learn more, contact Michele M. Hoover, CPA at 239.481.4114 or visit http://www.alexanderhoover.com
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